Last checked at 9 Jan 2023 07:00
Induction Healthcare Group PLC
("Induction", the "Company", or the "Group")
Directorate Changes
James Balmain stepping down as CEO, moving to board advisor
Christopher Samler moves from non-exec Chair to exec Chair
Induction (AIM: INHC), a leading digital health platform driving transformation of healthcare systems worldwide, announces the following Board changes which are to take effect immediately.
James Balmain is stepping down as Chief Executive Officer and a Board director and will take on a new advisory role where he will directly support the evolution and execution of Group product strategy, together with national and regional sales.
Christopher Samler, currently non exec Chair, will assume the interim role of Executive Chair, providing day to day leadership of the business pending the recruitment of a new permanent CEO, the process for which has already begun.
Paul Tambeau will move into an interim Chief Operating Officer role, to support Christopher and the Board pending the recruitment of a new permanent CEO. Paul joined Induction in September 2022 after nearly five years at Doctor Care Anywhere and, earlier in his career, KPMG.
In light of the recently announced financial performance of the Group (Interim Results for half year to 30 Sep released on 5 Dec 2022 reported 54% growth in sales), as well as the recent NHS headwinds, the Board is focused on cash preservation and self-sustaining growth. The Board is clear on the need to tightly manage costs and execute a plan ensuring the Group is correctly sized and on target to deliver a cash breakeven position during FY24. The Board is committed to a plan which is being executed at pace and the board changes outlined above are part of that plan.
Induction CEO, James Balmain, said: "I would like to emphasise to investors and other stakeholders that, whilst this decision hasn't been taken lightly, it's in the best interests of the Company. I'm looking forward to spending much more of my time on product strategy and sales, whilst also supporting the business as it navigates an important transitional period."
Induction Chair, Christopher Samler, said: "Our strategic approach is one of self-sustaining growth with the objective of cash breakeven in 2024 and has precipitated this change in leadership. These changes play to the strengths of the resources we have available and ensure Induction is well placed to achieve its objectives. James has overseen an important chapter in the Group's evolution and the Board is delighted to be able to draw on his undoubted product and market expertise as Induction enters the next phase of growth."
ENQUIRIES
Induction Christopher Samler, Executive Chair Paul Tambeau, Chief Operating Officer
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About Induction - www.inductionhealthcare.com
Induction (AIM: INHC) Induction delivers a suite of software solutions through a single integrated platform that transforms care delivery. Our system-wide applications help healthcare providers and administrators to deliver care at any stage remotely as well as face-to-face - giving the communities they serve greater flexibility, control and ease of access. Purpose-built for integration with leading Electronic Medical Record (EMR) platforms, our products offer immediate stand-alone value that becomes even greater when integrated with pre-existing systems.
Used at scale by national and regional healthcare systems, as well non-health government services, our applications are relied upon by hundreds of thousands of clinicians and millions of patients across almost every hospital in the British Isles.